An arpeggiator allows you to hold down a chord, and plays the notes of the chord individually. For instance, if you played a CMajor (C-E-G), the arpeggiator would play C-E-G-E-C... over and over again. A good arpegiator will have many different patterns that it can play, suited for different kinds of music. You can also adjust the speed. A good example of using an arpeggiator would be a walking bass line, where all you have to do is hold down the notes you want and it plays the notes for you. Or like Jamaican steel drums (or whatever the hell they're called) or a zylophone pad. Manually playing all those trills could give you quite a workout!